Standard Chartered: Bitcoin could reach $150,000 by end of 2024
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Standard Chartered: Bitcoin could reach $150,000 by end of 2024
Bitcoin is "very likely to surge to the $250,000 level at some point in 2025."
Navigating Web3 tides with focused insightsSource: zycrypto
Translation: Blockchain Knight
UK-based multinational bank Standard Chartered has revised its year-end 2024 BTC price forecast, raising it from a previously expected $100,000 to $150,000.
Standard Chartered expects that by the end of this year, the benchmark crypto asset BTC may successfully rise from the previously projected $100,000 to reach the $150,000 threshold.
Standard Chartered analysts had stated last year that BTC could reach $100,000 in 2024.
Then in July of last year, they updated their forecast, predicting BTC prices would reach $120,000 within the same timeframe.
Standard Chartered based its analysis for the new $150,000 target on comparisons between gold prices and inflows into U.S. gold ETFs after their launch, as well as the correlation between ETF capital inflows and BTC prices.
Analysts led by Geoffrey Kendrick said in a report released on March 18: "For 2024, given that BTC's price increase so far this year has exceeded expectations, we now believe there is potential for BTC to reach $150,000 by year-end, up from our previous forecast of $100,000."
When gold ETFs were launched, the price of the precious metal surged as new investors entered the market.
As investors funneled money into ETF products, gold prices gradually climbed, and Standard Chartered believes the BTC market "will mature even faster."
In mid-January, the SEC (U.S. Securities and Exchange Commission) approved 11 spot BTC ETFs, after having rejected them for over a decade.
These BTC investment vehicles began trading the following day and have since achieved significant success.
Regarding higher peaks, the bank's analysts believe that if BTC ETF inflows reach their estimated midpoint of $75 billion, or if foreign exchange reserve managers begin purchasing BTC, then "it is quite possible that prices could overshoot to $250,000 at some point in 2025."
The report explains: "We believe that drawing parallels with gold’s price trajectory remains the correct approach to properly estimate BTC’s medium-term price, especially in terms of ETF impact and optimal portfolio allocation."
Standard Chartered also stated that the SEC may approve ETH ETFs later this spring, which could lead to $45 billion in ETH inflows during the first year and push the price above $8,000 by year-end.
ETH is currently priced at $3,508.55, down 3.5% over the past 24 hours. This second-largest crypto asset previously reached an all-time high of $4,878 in November 2021.
Notably, Standard Chartered analysts also believe that as BTC rises to $250,000, ETH could reach $14,000 by 2025.
Nonetheless, the chances of spot ETH ETFs receiving approval this year remain slim, as the SEC faces greater political pressure against allowing ETFs for any crypto assets beyond BTC.
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